Lake, Stark county port authorities collaborate to help Goodwill

The newest thrift shop in the area will receive a supportive nudge from a local organization.

The Lake County Ohio Port and Economic Development Authority and the Stark County Port Authority will collaborate for the first time as they help facilitate low-cost financing for Goodwill Industries International.

About six weeks ago, the two organizations began a process to allow the 5019(c)3 to obtain their long-term funding through helping to facilitate lower rate bonds.

As a port authority, $10 million in bonds a year can be issued to nonprofit groups.

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That way, "the banks can issue (those bonds) at lower rates," said Mark Rantala, executive director of the Lake County organization. "Because they can borrow money at lower costs they can reduce their total investment."

The collaboration came as a suggestion from Don Hart, an Ohio native who works for Stern Brothers Company and has more than 25 years experience working with Port Authorities.

"Because of his relationship with multiple ports in Ohio and (because there was a) need in Stark County ... we were able to partner with them and receive income to the Port from participating with them," Rantala said.

As of April, the flagship Goodwill store was projected to open in September.

Construction, or bridge, financing will be used to complete construction.

The bond money, as Rantala and Harry Allen, chairman of the Port's board of directors, explained will act as the equivalent of a mortgage -- or long-term financing.

In the past, the Lake County Ohio Port and Economic Development Authority has allocated more than $15.7 million in bonds to Lake Erie College for educational facilities, more than $3.5 million to Mary Rose Estates for housing costs and more than $3.3 million to Simon Properties (Great Lakes Mall) for a clean energy related project.

"We're hoping to do more of that because they're good for the community," Rantala said.